Tue | Aug 21, 2018

Local businesses get billions in funding support from DBJ

Published:Tuesday | February 13, 2018 | 2:48 PM

The Development Bank of Jamaica (DBJ) says it has provided more than $8 billion in funding for local businesses this fiscal year.

DBJ managing director, Milverton Reynolds, says the funds have been made available through equity funding under the Jamaica Venture Capital Programme, as well as through several capacity development and technical assistance initiatives.

Addressing a DBJ function yesterday, Reynolds said loans totalling $6 billion had been disbursed to micro-, small- and medium-sized enterprises (MSMEs) between April 2017 and January this year.

He says these included $4.8 billion to small- and medium-sized enterprises (SMEs) through approved financial institutions and $1.2 billion to micro entrepreneurs through approved microfinance institutions.

The DBJ boss says the bank issued 1,120 vouchers to entrepreneurs, which enabled them to access $263,25 million.

He says scores of entrepreneurs are now able to access loans and other forms of funding under what he describes as the revolutionary voucher programme because their businesses have been strengthened

Additionally, Reynolds says the DBJ facilitated 26 business start-ups under its Innovation Grant from New Ideas to Entrepreneurship (IGNITE) programme, which enabled those entities to access $60 million in grant funding.

He says this has created hundreds of new jobs.